EXTERNAL LOBBYING FOR GLOBAL FINANCIAL MARKET STANDARDS AND LEGAL PROTECTION OF RUSSIAN MONETARY AND FINANCIAL SOVEREIGNTY

Abstract

Introduction. The article is connected with the importance of financial and legal analysis of the level of expediency and effectiveness of the use of external regulatory standards in the financial legislation of Russia as “global initiatives” in order to achieve standardization of monetary and financial regulation. It is noted that the process of introducing legislative initiatives into the financial law of the Russian Federation is subject to external influence through lobbying by self-regulatory and international financial organizations of global financial market standards. It is shown that external lobbying has not only positive, but also negative aspects that threaten the monetary and financial sovereignty of the state. Materials and methods. The most significant global codes of norms and principles of international financial organizations, the provisions of which are lobbied at the level of legislative initiative, are analyzed. Regulatory and analytical materials were used to assess the need for external influence of global financial standards on the legal norms of the Russian Federation in the field of monetary and financial regulation. The synergetic method in law, used by international organizations for the legal regulation of financial markets, is critically evaluated. Results. The lack of clear criteria for the responsible behavior of systemically important and other participants in financial markets in global standards was noted. There is abstract content of legally significant concepts of obligations and responsibilities in the global codes of the IMF, the Bank for International Settlements, the Council for Financial Stability on the principles of transparency of financial markets, on the set of principles of good faith behavior of participants in foreign exchange transactions, on the transparency of balances of payments, etc. Discussion and conclusions. The danger of external lobbying for “soft law” of financial markets lies in the fact that these norms are adopted without discussion at the UN level and without taking into account the interests of UN member states. Global financial standards threaten the monetary and financial sovereignty of states, creating a supranational monetary and financial structure of global regulation, bypassing the applicable law of national states. Not all global financial standards contribute to the development of the Russian financial sector in the context of a national economic growth strategy.